". We observe both stable markets and large bubbles for both small and large markets. The data analysis shows no differences … successfully drives prices back towards the fundamental, but we observe very large bubbles in which the news apparently has no …

This experiment compares the price dynamics and bubble formation in an asset market with a price adjustment rule in …, recurring bubbles arise, where the price is 3 times larger than the fundamental value, which were not seen in former experiments. …

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of … JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …

identify temporary house price bubbles, amplified by trend extrapolation, and crashes reinforced by fundamentalists. The …

and realizations. We discuss three case-studies. Firstly, a New Keynesian macro model with a representative agent learning …-reverting fundamental rule and a trend-following rule, based upon their past performance. The third example concerns learning …

Different theories of expectation formation and learning usually yield different outcomes for realized market prices in … dynamic models. The purpose of this paper is to investigate expectation formation and learning in a controlled experimental …

experiment - where expectations are elicited from human subjects - to collect data on expectations, inflation and output dynamics …